In an effort to remove biases and emotions from the investment process, we strictly adhere to our sell discipline.
A critical element of our sell discipline is the reassignment of a company sale review to an analyst other than the one who has current research coverage responsibility. This process is in place to eliminate potential biases from the analysis. The newly assigned analyst takes a fresh look at the company to determine if we would make a new investment in the company today. If the answer is “no,” we will sell the entire position.